Fitch cuts Cyprus sovereign credit grade to junk statusJune 25, 2012 - 14:05 AMT PanARMENIAN.Net - Fitch ratings agency says it has downgraded Cyprus' sovereign credit grade to junk status, citing a rise in the amount of rescue money needed by its banks, which are heavily exposed to Greece, the Associated Press reported. The agency lowered the eurozone country's rating by one notch to BB+ from BBB- and kept a negative outlook, which means more downgrades are possible in coming months. Cyprus is expected to ask for foreign aid to rescue its banks, either from its fellow eurozone nations or from Russia. The banks were big holders of Greek sovereign bonds whose value was written down sharply this year. In a statement, Fitch says "its estimates of the losses and capital needs of Cypriot banks are subject to considerable uncertainty." Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Narek Manasyan wins European Boxing Championships silver for Armenia Armenia’s Narek Manasyan (92kg) won Armenia’s second silver medal at the European Boxing Championships 2024 on April 28. Blinken urges Azerbaijan to continue negotiations with Armenia Secretary of State Antony J. Blinken has urged Azerbaijani President Ilham Aliyev to continue negotiations with Armenia. Pashinyan, Blinken talk Armenia-U.S. ties over the phone Prime Minister Nikol Pashinyan had a phone conversation with US Secretary of State Antony Blinken on April 28, Pashinyan’s office reports. Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. |